U.S. stock futures are mixed in premarket trading with the Nasdaq-100 weighed down by a decline in chip stocks and another rotation out of tech.

The moves come after tech led gains on Monday and the Dow Industrial Average index settling at a new all-time high above 53,000. The downward pressure began in Asian markets, with a drop of nearly 5% in South Korea’s KOSPI index following a nearly 7% decline in Samsung Electronics shares after it reported earnings. Concerns about Samsung spending and demand overshadowed a massive increase in its second-quarter operating profit.

U.S. oil futures prices were up nearly 1% on reports that Iran fired missiles that damaged a Qatari LNG tanker and a Saudi-flagged crude oil tanker in the Strait of Hormuz. With little economic or earnings data, investor focus will be on geopolitical risks, the NATO summit in Turkey and the Federal Open Market Committee (FOMC) June meeting minutes Wednesday afternoon.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures prices are up 0.64% to $68.99 per barrel
• Gold (/GC) – Gold is up 0.18% to 4,174.90 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures were down 0.09% to 63,830
• VIX – The CBOE Volatility Index is up 1.73% to 15.84
• U.S. Dollar ($DXY) – The dollar index is up 0.7% to 100.927

Biggest Premarket Movers (as of 8 AM ET)

Advancers:

• ServiceNow (NOW) 2.98%
• First Solar (FSLR) 2.98%
• Baxter International (BAX) 2.17%
• Salesforce (CRM) 2.02%
• Palantir Technologies (PLTR) 1.96%

Decliners:

• Western Digital (WDC) -7.01%
• Applied Materials (AMAT) -6.04%
• Seagate Technology Holdings (STX) -5.79%
• Micron Technology (MU) -5.78%
• Lam Research (LRCX) -5.61%

Economic Data (ET)

• 8:15 AM: ADP Weekly Preliminary Report
• 8:30 AM: International Trade in Goods and Services
• 1:00 PM: 3-Year Note Auction

Notable Earnings

• Premarket: n/a
• Postmarket: EPAC, PENG
• Premarket Wednesday: HELE
• Postmarket Wednesday: AZZ, LEVI, PSMT

Upgrades/Downgrades

• Erste Group upgrades Meta Platforms (META) to Buy from Hold
• Scotiabank upgrades Cloudflare (NET) to Outperform from Sector Perform
• Deutsche Bank upgrades First Solar (FSLR) to Buy from Hold
• Erste Group downgrades Broadcom (AVGO) and Samsung (SSNLF) to Hold from Buy
• BofA downgrades Adobe (ADBE) to Underperform from Buy
• Melius Research downgrades American Airlines (AAL) to Hold from Buy

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.